PROPERTY sales in Cyprus increased by 26 per cent in July compared July last year according to the latest official figures published by the Department of Lands and Surveys.

During July a total of 625 contracts for the sale of commercial and residential properties and land (building plots and fields) were deposited at Land Registry offices across the island; an increase of 26% over the 496 sold in July last year.

Of those 625 contracts, 69% (434) were deposited by domestic (Cypriot) purchasers, while 31% (191) were deposited by overseas (non-Cypriot) purchasers.

However the demand for properties being auctioned is extremely weak. Of the 43 pieces of real estate that were offered at auction in July, only 6 were purchased.

The 26% increase in July follows a 42% increase in July and a 17% increase in May and a 35% increase in April.

The number of contracts includes ‘non-sale’ agreements such as loan restructurings, recoveries and debt-to-asset swaps agreed between the banks and defaulting borrowers. As these ‘non-sale’ agreements are not recorded separately, there is no clear picture of the actual demand for property.

With the exception of Famagusta, where sales during July fell 40% compared to the same period last year, they rose in all other districts.

Sales in Nicosia rose 70% compared with July 2015, while sales in Limassol, Larnaca and Paphos rose by 41%, 29% and 9% respectively.

Total Property Sale Transactions – 2015/2016 Comparison

District

Year

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Nicosia

2015

46

45

83

88

86

61

60

37

65

64

60

54

2016

54

79

82

79

82

98

102

Famagusta

2015

16

27

17

17

21

33

45

14

30

29

33

42

2016

22

35

33

35

24

34

27

Larnaca

2015

90

71

98

67

68

111

95

75

85

87

111

114

2016

78

108

121

127

103

120

123

Limassol

2015

95

97

160

115

135

135

156

87

114

166

137

169

2016

92

179

197

166

145

222

220

Paphos

2015

74

85

94

94

95

124

140

88

91

117

105

134

2016

81

100

106

107

120

183

153

Totals

2015

321

325

452

381

405

464

496

301

385

463

446

513

2016

327

501

539

514

474

657

625

Year to date performance

During the first 7 months of 2016 property sales have risen 28% to reach 3,637 compared with 2,844 during the corresponding period last year.

Property sales have risen in all districts. Sales in Limassol have risen 37% and have risen by 30% in Larnaca. Sales in Nicosia, Paphos and Famagusta have risen 23%, 20% and 19%.

Domestic property sales

Property sales to the domestic (Cypriot) market in July rose 24% compared to July 2015, with sales reaching 434 compared with 350 in the same month last year.

(Note that domestic sales include ‘non-sale’ agreements and the figures presented do not truly reflect the number of ‘real’ sales.)

While sales in Famagusta and Paphos fell by 32% and 11% respectively compared to July last year, they rose in the other three districts.

Sales in Nicosia rose 68%, while sales in Larnaca and Limassol rose 52% and 27% respectively.

Domestic Property Sale Transactions – 2015/2016 Comparison

District

Year

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Nicosia

2015

39

36

71

74

74

58

56

36

55

60

50

44

2016

43

70

10

69

68

92

94

Famagusta

2015

9

2

16

16

9

30

28

14

25

24

24

41

2016

20

31

21

33

24

7

19

Larnaca

2015

77

49

91

40

45

82

60

62

53

59

81

81

2016

68

96

85

91

93

75

91

Limassol

2015

71

77

147

90

86

100

123

65

81

127

82

123

2016

68

158

145

122

126

162

156

Paphos

2015

39

38

86

64

34

63

83

64

47

92

71

89

2016

61

72

59

65

105

126

74

Totals

2015

235

202

411

284

248

333

350

241

261

352

308

378

2016

260

427

382

380

416

462

434

Domestic sales during the first seven months of 2016 are up 34% compared with the first seven months of 2015 with sales reaching 2,761 compared with 1,713 during the corresponding period last year.

Sales have risen in all districts. Sales in Famagusta have risen 41% and have risen 35% in both Limassol and Larnaca. Sales in Paphos are up 34%, while sales in Nicosia have risen 25%.

Overseas property sales

Property sales to the overseas (non-Cypriot) market rose 31% in July compared with July 2015 with 191 properties being sold compared with 146 in the same month last year.

While sales in Famagusta and Larnaca to the overseas market fell 53% and 9% respectively compared to July 2015, they rose in all the other districts.

In percentage terms, Nicosia led the way with sales to the overseas market up 100% compared to July 2015, while sales in Limassol, and Paphos rose by 94% and 39% respectively.

Overseas Property Sale Transactions – 2015/2016 Comparison

District

Year

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Nicosia

2015

7

9

12

14

12

3

4

1

10

4

10

10

2016

11

9

10

10

14

6

8

Famagusta

2015

7

25

1

1

12

3

17

0

5

5

9

1

2016

2

4

12

2

0

27

8

Larnaca

2015

13

22

7

27

23

29

35

13

32

28

30

33

2016

10

12

36

36

10

45

32

Limassol

2015

24

20

13

25

49

35

33

22

33

39

55

46

2016

24

21

52

44

19

60

64

Paphos

2015

35

47

8

30

61

61

57

24

44

35

34

45

2016

20

28

47

42

15

57

79

Totals

2015

86

123

41

97

157

131

146

60

124

111

138

135

2016

67

74

157

134

58

195

191

Overseas sales during the first seven months of 2016 are up 12% compared with the first seven months of 2015 with sales reaching 876 compared with 781 during the corresponding period last year.

With the exception of Famagusta and Paphos, where sales have fallen by 17% and 4% respectively, they have risen in all the other districts.

Sales in Limassol have risen 43%, while sales in Larnaca and Nicosia are up 16% and 11% respectively.

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Readers' comments

Does the Article on property sales mean actual sales or title deed acquisitions? This is quite an important difference. Many thanks.

Ed: The figures are show the number of contracts for the acquisition of property deposited at Land Registries. They are not Title Deed acquisitions. (Title Deed acquisitions = property transfers). The actual transfer of the property can take many years.

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